The Yellow Trust Incurred $10,000 of Portfolio Income

question 152

Multiple Choice

The Yellow Trust incurred $10,000 of portfolio income. Its corporate trustee paid fiduciary fees of $1,000 therefrom, and also paid $1,000 in premiums for a life insurance policy on Marcia, the grantor of the trust. How much gross income does Marcia include with respect to these trust activities?

• A) $10,000
• B) $9,000
• C) $1,000
• D) $800

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Definitions:

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Attracted

Drawn to something or someone by qualities that induce interest, desire, or pleasure.

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